The Colombian Grupo de Investigacion de Accidentes (CGIA) released their final report in Spanish concluding the probable cause of the accident was:

The inability of the stricken aircraft to sustain flight after the loss of power from two engines.

Contributing Factors were:

- a non-recoverable surge of engine #4 during rotation resulting in the loss of engine power, the combined effects of an inefficient high pressure turbine, excessive slack space at the tips of the blades, reduced chord and leading edges of the fan blades and the high altitude contributed to the engine failure.

- an undetermined anomaly in engine #1 which manifested itsself in engine surges and resulted in the loss of engine power. The failure to maintain proper minimum aircraft speed during climb out and the resulting use of emergency extra power exposed the anomaly leading to the engine failure."